Mumbai:  Crude oil prices fell over 2% on Monday as China’s economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices, as they increasingly lose faith in a significant market recovery.

Global benchmark Brent was down 89 cents, to 32.66 US Dollars per barrel , and US West Texas Intermediate (WTI) crude was down to 32.39 US Dollars per barrel.

Monday’s decline adds to last week’s more than 10% drop in both Brent and WTI prices to start the year.

Traders and investors have wondered how long and deep the slide may go with Goldman Sachs saying oil could hit 20 US Dollars a barrel.

Other oil market analysts are pointing to China’s slowdown, which saw a slide in the yuan and two emergency suspensions in stock trading markets last week, as the main reasons for lower oil and commodity prices.